Applying for a mortgage can be a terrifying experience for most new home buyers. If you don’t know what to expect, you definitely don’t know where to start. Let me help walk you through the basics of what you will need and help get you moving on the road to home ownership.

Many first time home buyers will go first to their parents when searching for information regarding purchasing a home. While this is a great place to start, mortgages have changed significantly since the first time they purchased a home. Mortgages have likely changed since the last time they renewed their mortgage or bought a new property because in the last 6 months we have seen significant changes in the mortgage industry.

Here are the steps to buying your first home:

1) Your first step in purchasing a home should be speaking to a mortgage professional like myself. The majority of real estate agents will not take you shopping for your first property until you have spoken to a mortgage professional and obtained a pre-approval on how much you can afford.

2) Getting your pre-approval. When going through your application our initial conversation will go through your basic information including:

Full name, birthday, and social insurance number.

Address and employment history for the last 3 years.

Assets including vehicles, savings, RRSPs, investments, etc.

Down payment

Credit

3) Talking about your budget. After the application has been taken and your credit discussed, we will go through what payments you are comfortable with, not just how much you qualify for.

4) Shopping for your home. Once we have gone through the application process and received your documentation we will refer you back to your real estate agent to go shopping for your new home. Fun Fact: A common misconception is that a realtor will cost you a fee. If you are a purchaser, your mortgage associate and realtor are a free service to you.

5) Writing an offer with your realtor. Your realtor is a skilled negotiator and is there to act in your best interest. They will help you write an offer that is fair and will protect you from losing your deposit.

6) Accepted offer. Once you and the seller have come to an agreement on the purchase price of a home, your realtor will send me the signed offer and I will send all of this information to the lender who best suites your needs.

7) Condition removal. Once the lender has approved your application and reviewed all of your documentation (typically 2 days for approval and an additional 2-3 days to review documents) we will let your realtor know that you have unconditional approval on your financing and you can remove your financing condition.

8) Meeting with your lawyer. Within 10 days of your move in date, or closing date, you will have an appointment with your lawyers to sign the official mortgage documents. On your move in date you will meet your realtor at your property and you will receive the keys to your new home!

Working with professionals along the way will help keep you stress free and your questions answered. Buying your first home can be intimidating and a huge learning experience…but it doesn’t have to be scary.

Let us help your first time buying experience be one you enjoy!

Call me to start your mortgage application today.